TD Asset Management Inc. Sells 91,154 Shares of Norfolk Southern Co. (NYSE:NSC)
TD Asset Management Inc. lessened its position in Norfolk Southern Co. (NYSE:NSC) by 20.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 347,791 shares of the railroad operator’s stock after selling 91,154 shares during the quarter. TD Asset Management Inc. owned 0.13% of Norfolk Southern worth $74,424,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in NSC. BlackRock Inc. lifted its holdings in shares of Norfolk Southern by 7.2% in the 2nd quarter. BlackRock Inc. now owns 17,512,124 shares of the railroad operator’s stock worth $3,074,606,000 after acquiring an additional 1,170,223 shares during the last quarter. Nordea Investment Management AB lifted its holdings in Norfolk Southern by 100.3% during the 2nd quarter. Nordea Investment Management AB now owns 1,185,492 shares of the railroad operator’s stock valued at $204,758,000 after buying an additional 593,758 shares in the last quarter. FMR LLC lifted its holdings in Norfolk Southern by 22.2% during the 2nd quarter. FMR LLC now owns 3,180,533 shares of the railroad operator’s stock valued at $558,406,000 after buying an additional 577,841 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Norfolk Southern by 19.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,465,200 shares of the railroad operator’s stock valued at $432,815,000 after buying an additional 403,202 shares in the last quarter. Finally, Balyasny Asset Management LLC lifted its holdings in Norfolk Southern by 840.6% during the 2nd quarter. Balyasny Asset Management LLC now owns 393,411 shares of the railroad operator’s stock valued at $69,071,000 after buying an additional 351,586 shares in the last quarter. Hedge funds and other institutional investors own 66.94% of the company’s stock.
A number of brokerages recently weighed in on NSC. UBS Group decreased their price objective on shares of Norfolk Southern from $250.00 to $245.00 and set a “buy” rating for the company in a report on Thursday, October 29th. CSFB lifted their price objective on shares of Norfolk Southern from $241.00 to $246.00 and gave the company an “outperform” rating in a report on Thursday, October 8th. Morgan Stanley lifted their price objective on shares of Norfolk Southern from $132.00 to $134.00 and gave the company an “underweight” rating in a report on Monday, October 5th. Bank of America lifted their price objective on shares of Norfolk Southern from $207.00 to $230.00 and gave the company a “neutral” rating in a report on Wednesday, September 30th. Finally, The Goldman Sachs Group raised their target price on shares of Norfolk Southern from $213.00 to $235.00 and gave the company a “conviction-buy” rating in a research report on Tuesday, September 1st. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $213.00.
Norfolk Southern (NYSE:NSC) last issued its quarterly earnings data on Wednesday, October 28th. The railroad operator reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.15. Norfolk Southern had a net margin of 20.27% and a return on equity of 15.83%. As a group, equities research analysts forecast that Norfolk Southern Co. will post 9.09 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Friday, November 6th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date is Thursday, November 5th. Norfolk Southern’s payout ratio is currently 36.36%.
In related news, EVP Ann A. Adams sold 1,370 shares of Norfolk Southern stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $213.86, for a total value of $292,988.20. Following the completion of the sale, the executive vice president now directly owns 8,011 shares in the company, valued at approximately $1,713,232.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.32% of the stock is owned by company insiders.
Norfolk Southern Company Profile
Norfolk Southern Corporation, together with its subsidiaries, engages in the rail transportation of raw materials, intermediate products, and finished goods in the United States. The company transports industrial products, including chemicals, agriculture, and metals and construction materials; and coal, automobiles, and automotive parts.
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